Small and Medium Enterprises (SMEs) are significant to the country’s economy, but many failures have been recorded along the way. Despite the policies and programs to support SMEs in Malaysia, many of them just could not endure their growth, as demonstrated by the lower contributions towards the Gross Domestic Product (GDP) in comparison to other developed nations. Much research has been undertaken to understand the factors affecting performance and growth from the viewpoints of economics, strategy, entrepreneurship, psychology, and other areas of study. However, very few studies have been conducted on how the firm can sustain their growth. The SMEs’ sustainable growth is still unresolved. This paper attempts to discover from the literature on sustainable growth for SMEs with the hope that improved knowledge will be a guide to all stakeholders, such as policy makers, entrepreneurs, and academicians, to develop an all-inclusive model for sustainable growth of SMEs. From the key theoretical viewpoints concerning the sustainable growth of SMEs grounded on its ontological layers, three predictor variables were identified, each representing the entrepreneur, enterprise, and environment level, which are growth intention, organizational culture, and networking capabilities, respectively. These variables contribute to the firm’s competitive advantage. Hence, this paper also suggests the mediation effect of competitive advantage on the relationships between the three factors and the sustainable growth of SMEs. Using the resource-based value (RBV) theory, a conceptual framework on the SME sustainable growth model has been proposed in this paper.